A Model for Assessing the Causality of Factors in the Development of Voluntary Pension Insurance in the Republic of Kazakhstan

Dmitry Nazarov, Aliya Bayakhmetova, Lyazzat Bayakhmetova and Leila Bayakhmetova
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Dmitry Nazarov: Department of Business Informatics, Ural State University of Economics, 620144 Yekaterinburg, Russia
Aliya Bayakhmetova: Faculty of Economic Sciences, Kazakh-German University, Almaty 050010, Kazakhstan
Lyazzat Bayakhmetova: Main Department, Agency of the Republic of Kazakhstan, Almaty 480070, Kazakhstan
Leila Bayakhmetova: Main Department, Agency of the Republic of Kazakhstan, Almaty 480070, Kazakhstan

Mathematics, 2022, vol. 10, issue 9, 1-19

Abstract: Many countries have been experiencing a crisis in their pension systems for fiscal and demographic reasons. Voluntary pension funds are a way out of the crisis. The depth of the problem lies in the study of social and economic-mathematical aspects in making economic decisions on implementing voluntary contributions. The authors studied sustainable development, considering the assessment of the causal relationship between factors in the development of voluntary pension insurance in the Republic of Kazakhstan. The article analyzes pension system models and studies the experience of the OECD countries. The results of the analysis highlight the most important factors affecting the development of pension systems with an emphasis on voluntary pension insurance mechanisms. The authors propose a conservative, economic, extended economic, and extended intermediate solution for building a set of cause-and-effect models for the development of voluntary pension insurance in the Republic of Kazakhstan based on a survey of a representative sample of citizens in the Republic of Kazakhstan using the QCA method.

Keywords: pension system model; voluntary pension contributions; QCA method; factors; causality; causality models of connections (search for similar items in EconPapers)
JEL-codes: C (search for similar items in EconPapers)
Date: 2022
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